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Expert advice: Why 2017 will be the year of the small reno

February 1, 2017 1 Comment

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Property trends for 2017 are all associated with the year of the small reno. These include keeping an eye on interest rates, declining returns for real estate flippers and making small renovations count.

Late last year there was a burst of energy from the market and those who were prepared enough to start the selling process in January will have seen that energy carry over into the New Year.

Stock is traditionally low in January as many sellers find it difficult to balance the organisation needed to pull together the marketing and property preparation during the holiday period as the year winds down. Those who do make it tend to do well in a market of low stock and strong demand. As a result, there may be a dip in demand during February and March as supply rises, but this will be countered by a continuation of a three-year trend that has seen sellers receive quite a lot of money for not doing very much to a property.

Expert advice: Why 2017 will be the year of the small renoImage from Refresh Renovations

2017: The year of the small reno

Small renos will do

If you’re looking to renovate and sell for capital gain, be careful not to overcapitalise. You don’t need to spend a lot to smarten up a place and once you have the right look and feel, you’re not going to increase the sale price by a great deal just by spending more. Of course, if you’ve bought a disaster zone by all means fix it up, but if all it needs is an aesthetic once over then don’t go overboard thinking a bigger budget will translate into astronomical offers.

Save your reno budget for a property you’re going to live in; you won’t go wrong if you invest in your own lifestyle. When the market is tough you’ll probably need a reno to sell, but for now simply getting the basics right can fetch you a good price.

 

Everything old is new

As for style, the big trend is in modern vintage. The use of metals like brass and copper hints at earlier periods but it’s often used in a sleek and fashionable way, like on light fittings that take more contemporary forms.

I’ve also seen some eye-catching classic remakes. Materials like marble are timeless in the kitchen but designers are using variations like red marble, which adds character to a bench top and stands out from the usual marble tones. Traditional patterns are also seeing a revival: I’ve noticed some very smart-looking herringbone parquetry, which can help lift a bland floor and give it some interest.

Expert advice: Why 2017 will be the year of the small reno

Interest rates on the move

Over the past year we’ve seen a split between what the Reserve Bank sets as the interest rate and the actual cost of lending. In the past six months there has been an uplift in lenders’ interest rates and it’s likely the RBA will follow. This will see a lot of people cap out of the market, especially real estate flippers who won’t get as much bang for buck, so expect to see a lot of transactions when that happens.

The market is still strong for renting out properties, though, so don’t give up on property investmentโ€”just don’t assume you’ll make your money from big renovation projects.

Overall, what sells is a liveable property in a decent location. The good news is that a small reno budget can go a long way in this market, so make sure you spend wisely and you’re sure to see a return.

Mark Foyย isย one of our resident experts and a director ofย Belle Property Surry Hillsย in Sydney.

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Before & after: Renovating a kitchen while keeping Before & after: Renovating a kitchen while keeping ALL the character!

What a great example this is by @huntingforgeorge 

See all the details, and the laundry, on the blog now, via link in bio.
The patient has very much bounced back! Letterbox The patient has very much bounced back!

Letterbox kinder egg deliveries from a friend, dressing changes without a flinch and refusing to nap despite all the bribes (check the face on him in pic 3!).

Thanks for all your care and messages/comments for this tired and shaken up mama! Now very relieved and grateful ๐Ÿ™
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It's not just the award winning designer houses that get us excited here. It's also the beloved family homes which are renovated and extended to make them fit for purpose so people can continue to live where they love ๐Ÿค—

@inspiredspacesaus helped her clients with teenage kids transform this house in Sydney's Hills District inside and out, making it their forever home. 

Due to the nature of the block they could only extend sideways and then gave it street appeal with render, new windows and doors.

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Bravest little patient ever. Yes I've had a ๐Ÿท

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UPDATE: thanks for all the love! Charlie is so well this morning after a big sleep!
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The new @studio.xox ONLY sells Australian brands. Like @nood_co coloured basins, lead-free eco brass from @faucetstrommen and @lindseywherrett's  ceramic basins made by hand in Tassie.

And as for their Sydney showroom (they also sell online): WOW.

See and read more on the blog now via link in bio.

#interiorsaddict #theinteriorsaddict #jenbishop
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I'm THRILLED to be an ambassador for the brand new I'm THRILLED to be an ambassador for the brand new @madeinaustshow in Sydney this August.

๐Ÿฆ˜๐ŸจForget every tacky association you ever had about touristy Australian made and prepare to see a showcase of the best of home, lifestyle, fashion and beauty made right here. If the pandemic has made you appreciate buying local even more, this is for you.

It's the first business to business trade event connecting retailers with Australian made products to champion our local makers๐Ÿ™

Apply to exhibit or find out more at their website, via their bio, now!

Are YOU buying more Australian made post covid?

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Do I recommend a timber vanity top? A big fat NOP Do I recommend a timber vanity top?

A big fat NOPE! ๐Ÿ’ง 

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Doesn't matter what they tell you or how many times it's sealed, I'm not sure it's a great idea in a room which is so, well, wet!

I love having the warmth of timber in the bathroom and it's a beautiful piece, but timber on the top? Never again.

Ours probably lasted a year (if that) before it started to go downhill (and we want a good decade out of a bathroom, right?!). 2.5 years on, everything else in this bathroom looks virtually brand new and the water marked vanity top was really letting the side down and making me sad!

But I'm so pleased with this solution, I have to say! Took the plumber less than an hour to remove the sink, install the top and connect the sink back up. We didn't need to move the tap and it isn't too close to the basin.

The kids are allowed to brush their teeth and wash their hands (liquid soap ๐Ÿฅด) in here again and I can leave my hair straightener on there with gay abandon ๐Ÿ˜†

The reflective surface (which I can clean with whatever I like!๐Ÿ’ช๐Ÿป) brightens the room up too!

Next week I'll tell you what I really think of my brass tile trim too ๐Ÿ˜‰

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Is there a more decadent and delicious soup than F Is there a more decadent and delicious soup than French onion?

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Get to know me! I haven't done one of these in YE Get to know me!

I haven't done one of these in YEARS so there's possibly thousands of you who don't know my back story. Here's a few things you may not know about me!

โœ”๏ธ I'm English ๐Ÿด๓ ง๓ ข๓ ฅ๓ ฎ๓ ง๓ ฟ and I moved here (just for one year) back in 2008๐Ÿ˜† 

โœ”๏ธ I can't end the day without a bath, even if I get home really late or on a really hot day. It's a mental health thing and my happy place. ๐Ÿ› 

โœ”๏ธ Before becoming a blogger and running my own small business, I was a journalist from the age of 18. My favourite news gathering times were as a newspaper crime reporter (bit different to interiors!) ๐Ÿ““ 

โœ”๏ธ I once worked at New Scotland Yard in London ๐Ÿš” 

โœ”๏ธI had an interview at Oxford (didn't get in!) but chose not to go to uni at all after being offered a job on the local paper #universityoflife ๐Ÿ˜

โœ”๏ธ My mum died when I was 3, I have an excellent dad and one sister (younger) in the UK โค๏ธ ๐Ÿ‡ฌ๐Ÿ‡ง 

โœ”๏ธ At school, my favourite subject was French ๐Ÿ‡ซ๐Ÿ‡ท and I was head girl ๐Ÿค“๐Ÿค“

โœ”๏ธ I'm addicted to โ˜•๏ธ , long hot baths and๐Ÿ’„ (been wearing it since I was about 14!)

โœ”๏ธ I'm not a phonecall person and will never ever pick up an unknown number. Ever. They can leave a message ๐Ÿ˜

โœ”๏ธ My favourite cuisine is Japanese ๐Ÿฃ ๐Ÿœ and Damian and I honeymooned in Tokyo and Venice 

โœ”๏ธ I have zero design qualifications. I just started blogging about my passion, which is trying to persuade everyone to #heartyourhome That was 11 years ago...

โœ”๏ธ My favourite tipple is a good GnT or๐Ÿท 

โœ”๏ธ Cheesy as it sounds, ๐Ÿ’โ€โ™€๏ธbeing a mum is my absolute biggest joy in life ๐Ÿง’๐Ÿ‘ฆ

โœ”๏ธ I will never give up my old school paper diary! Has to be A5 and week to view ๐Ÿ“– 

โœ”๏ธ My official surname isn't Bishop. I kept my maiden name for work after I got married but changed it for everything else. Often confuse myself!

โœ”๏ธ I didn't get my Ps until I was 37 and I'm still a terrible parker ๐Ÿ˜ฏ ๐Ÿ…ฟ๏ธ

Hope you feel like you know me a bit better ๐Ÿ˜˜

๐Ÿ“ธ @vanlowvanlow
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About Naomi Foxall

Naomi Foxall is a freelance writer, content and social media manager, living on the NSW South Coast.

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Comments

  1. AvatarBobbie Santiago says

    February 6, 2017 at 10:16 pm

    Thank you for your tips. I was thinking of making a big remodel at my house but I know it’s not necessary. I’ll focus on the smaller investments. Please keep sharing posts like this!

    Reply

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